Guaranteed Asset Protection (GAP) Insurance
Millions of vehicles are totaled each year by accidents, theft and natural disasters. Unfortunately, many drivers may not know they’re still responsible to pay the difference between the insurance settlement and remaining vehicle balance, in addition to a deductible.
Depreciation becomes an issue as a settlement is based on the car’s actual cash value at time of loss, not what the customer paid for it, meaning the customer can be stuck with a significant remaining balance.
With guaranteed asset protection (GAP) insurance, you won’t be blindsided. In the event of a total loss, GAP pays the deficiency balance on a car loan after the primary insurance settlement has been applied. This leaves the customer with a clean slate, allowing them to focus on purchasing a replacement vehicle.
why Buckeye Dealership Consulting
Based in Boardman, Buckeye Dealership Consulting proudly services hundreds of dealers and reinsurance companies nationwide in the automotive space, including Buy Here Pay Here (BHPH), retail, and independent finance companies.
Founded in 2008, Buckeye was built from knowledge and experience gained in the F&I reinsurance market for franchise dealers. Since then, we’ve focused on independent dealers and tailored our program to fit their business model. Through these programs, we are helping dealers control their risk, improve cash flow, and increase the bottom line.
If you are a retail dealer, you know the back-end profit has become more important than ever. For BHPH dealers, in your business, cash is king. We have optimized our reinsurance structure to maintain access to your capital and maximize cash flow.
If you have any questions about GAP insurance, you can contact us at Buckeye Dealership Consulting.